UNION CHAIRMAN STRESSES NEED TO SET UP STATE BANK
Monday,
March 11
“The interest rates of our banks are so high that they do not
contribute to the development of Armenia’s economy,” Chairman of the
Union of Domestic Manufacturers of Armenia Vazgen Safarian said at
the meeting with reporters today.
He expressed an opinion that the interest rate of refinancing should
be reduced from 8% to 5%, which will allow commercial banks not to
raise interest rates of credits to 12-14%. Instead, the banks will
be able to provide credits at much lower interest rates.
The interest rates of Russian banks are approximately the same, but
in Russia there are also state banks providing loans at affordable
interest rates. There are no state banks in Armenia, except for the
Central Bank of Armenia, which is not engaged in lending.
“Drastic changes are necessary: we should set up a state bank,” V.
Safarian said.
TODAY, 17:33
Aysor.am
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2013/03/12/union-chairman-stresses-need-to-set-up-state-bank/
